Best Buy, Founder End Deal Talks

By

Sharon Terlep,

Ann Zimmerman And

Dana Cimilluca

Updated Feb. 28, 2013 8:26 p.m. ET

Best Buy Co. has ended talks with founder Richard Schulze over a deal in which he and a group of buyout firms were proposing to take a minority stake in the firm in exchange for three seats on the board, according to people familiar with the matter.

With that proposal off the table, it appears Mr. Schulze won't be able to execute the buyout of the beleaguered electronics retailer that he had proposed last year, the people said....